In this increasingly digital-led world, the value of a great digital customer experience to your business cannot be overestimated. And yet, there’s a real danger it can be undervalued.
Digital teams need to calculate customer experience ROI to convince executive teams not to sacrifice CX in this economic downturn—and that’s not easy.
In fact, according to Forrester, 54% of CX pros currently struggle to prove return on investment (ROI) on their programs using the tools they have. 1
That’s why we recently commissioned Forrester to quantify the value of Contentsquare’s Digital Experience Analytics with a Total Economic Impact™ study.
It’s also why we’ve asked Forrester to build a customer experience ROI calculator evaluating the impact of our platform on business outcomes: The Contentsquare Benefits Calculator.
Keep reading to learn more about the findings in Forrester’s report, and how you can use the Contentsquare Benefits Calculator to get immediate insight into the potential financial windfalls that come with improving your business’s digital customer experience.
How Forrester’s Total Economic Impact™ report proves Contentsquare’s ROI
This week we ran a webinar with Forrester, in which we discussed Forrester’s TEI study of Contentsquare and the tangible business benefits of optimizing the digital customer experience.
Led by Danielle Levitas (our Vice President of Marketing) and Dave Anderson (our Vice President of Product Marketing), the session also featured Forrester consultant Ashleigh Cohen, who was the project lead on Forrester’s TEI study of Contentsquare.
As Dave Anderson explained in his introduction, we now live in ‘the age of experience’ where digital experience is the biggest competitive differentiator.
The leading companies are those that can pull insights from data to provide the best customer experience. According to McKinsey, “CX leaders” achieved more than double the revenue growth of “CX laggards” between 2016 and 2021.
However, executive teams can still often fail to give CX and CX tools their due respect—unless, that is, there are statistics to prove they’re bringing in revenue, cutting costs, satisfying customers, helping teams collaborate and, ultimately, accelerating growth.
Every day at Contentsquare, we see how optimizing the digital experience brings tangible business benefits to businesses in all industries, impacting first website engagement metrics and then business KPIs in quick succession.
To help digital leaders show their decision-makers this value, which they particularly need at this time of scaled-back budgets and ‘doing more with less’, we commissioned Forrester to conduct a Total Economic Impact™ (TEI) study on Contentsquare.
Forrester’s study examines the potential ROI that organizations can realize by deploying Contentsquare and was based on extensive interviews with five of our customers.
Based on these interviews, Forrester created a composite organization—and found that over three years, this organization achieved (among other things):
602% ROI with payback in six months
$3.3 million in additional profit through website optimizations
>$3.2 million in income recovered by reducing friction in the customer journey
A minimum of 963 hours saved annually through internal productivity gains
Higher conversion rates, with most interviewees saying they saw conversions improve 20-30% per project where Contentsquare flagged an issue—and an average improvement of 3-4% on overall website conversion rates
Approx. $300,000 in annual costs avoided through identifying redundant software
In our webinar, Ashleigh Cohen, the project lead on Forrester’s TEI study for Contentsquare, gave us an overview of the study, including:
The wider market context
Forrester’s methodology: who they interviewed and how they created a composite organization
The challenges companies faced that led them to go beyond conventional web analytics and implement Contentsquare
Quotes from customers on the value they’ve seen from using Contentsquare
The quantified and unquantified benefits organizations saw as a result of implementing Contentsquare—including the democratization of data and deeper insight into the voice of the customer
The financial impact Contentsquare made on the composite organization
To catch Asheligh’s TEI overview, plus Contentsquare case studies for Zenni and Harrods and a short Q&A session, you can now watch our ‘How to turn your website into a growth engine’ webinar on-demand.
However, Ashleigh’s presentation gave us only a high-level overview. To deep dive into the full data, methodology, customer quotes and strategic insights, you should read Forrester’s TEI study yourself.
Need a clearer picture of the impact that Contentsquare could make on your business’s bottom line? Then have we got a customer experience ROI calculator for you…
See what Contentsquare can do for your business with Forrester’s customer experience ROI calculator
Forrester has built an interactive web-based model for prospective Contentsquare customers to quickly estimate the financial impact your organization will see from using our platform for three years: The Contentsquare Benefits Calculator.
All you need to do is input a small number of variables concerning your business into the calculator, click “Download full results” and wait for your tailored PDF document.
This will let you know the estimated total quantified benefits your business will see with Contentsquare after three years, broken down by:
Increased income from site optimization
Recovered revenue from reduced friction
Productivity gains
The model used for the calculator is based on the model Forrester used in putting together its Total Economic Impact™ study of Contentsquare.
Obviously, this is a simplified model. But not to worry: You’ll also be sent a link to schedule an in-depth business value consultation.
If you want a more tailored and precise evaluation of Contentsquare’s potential impact on your digital customer experience and business growth, that consultation session will give you it.
For now, head to the Contentsquare Benefits Calculator to start proving the value of an optimized digital experience to yourself and your executive team today.
Jack is Content Writer for Global Marketing at Contentsquare. He’s been creating and copywriting content on both agency and client-side for seven years and he’s ‘just getting warmed up’. When he’s not creating content, Jack enjoys climbing walls, reading books, playing video games, obsessing over music and drinking Guinness.